The ownership group also includes former Major League Baseball player Nomar Garciaparra, U.S. soccer player Mia Hamm-Garciaparra and Lakers legend Magic Johnson, who also has an ownership stake in the Los Angeles Dodgers.

"We are thrilled to welcome Will to our diverse and dedicated team," LAFC Managing Partner and owner Henry Nguyen said. "Will's passion for sports and his authentic connection to Los Angeles make him a perfect co-owner of LAFC."

Los Angeles Football Club is expected to begin playing in 2018 at a planned $250 million, 22,000-seat stadium on the site of the Los Angeles Memorial Sports Arena in Exposition Park. The team was announced in 2014 as a replacement for the disbanded Chivas USA soccer club, which played for 10 years at StubHub Center in Carson, sharing the facility with the Los Angeles Galaxy.

The ownership group also unveiled Thursday its official black-and-gold colors and crest, which features the large letters "LA" adorned with wings representing the City of Angels.